KLSE Traders Update and Ideas

Daily Market Update - 21 Jun 2024 (JETSON, CATCHA)

mplus313
Publish date: Fri, 21 Jun 2024, 09:07 AM
mplus313
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Morning Market Buzz - 21 Jun 24

Dow Jones: 39,134.76 pts (+299.90pts, +0.77%)
⬆️ Resistance:  40100
⬇️ Support:  37600

FBM KLCI: 1,592.69 pts (-7.10pts, -0.44%)
⬆️ Resistance:  1650
⬇️ Support:  1560

HSI Index: 18,335.32 pts (-95.07pts, -0.52%)
⬆️ Resistance:  18900
⬇️ Support:  17400

Crude Palm Oil: RM3,959 (-RM17, -0.43%)
⬆️ Resistance:  4070
⬇️ Support:  3800

Brent Oil: $85.71 (+$0.64, +0.75%)
⬆️ Resistance:  87.70
⬇️ Support:  80.30

Gold: $2,360.09 (-$0.14, -0.01%)
⬆️ Resistance:  2420
⬇️ Support:  2260

M+ Market update – 21 Jun 24
Volatility May Surge With FTSE Rebalancing

Another down day on Bursa exchange as profit taking activities still persist, but we believe the FTSE rebalancing activities could be the reason for the softer sentiment in the market. Meanwhile, the US stock markets ended mixed as the market assessed weaker economic data as building permits came in below expectations, while unemployment claims rose more-than-expectations; S&P500 and Nasdaq retreated from record highs led by the Technology sector, while the Dow ended 0.77% higher. On the commodity markets, Brent oil headed higher above USD85/bbl, while gold price gained momentum above USD2330. The CPO is still ranging along RM3900-4000.

Sector focus: Overall, the sentiment across the board is negative as sector indices are undergoing consolidation phase. However, we believe the traders will be monitoring for good entries once it is ripe for a rebound in the Technology sector which will be driven by catalysts coming from the rising demand for data center, AI and cloud services. Also, EMS players are likely on traders’ radar due to stronger earnings from VS. 

Stocks to watch: 

Technology: CATCHA, IFCAMSC, RAMSSOL
Construction: FAJAR, GAMUDA, JETSON
Property: KPPROP
Solar: SUNVIEW
Finance: BURSA

Source: M+

M+ Technical Trading Stocks - 21 Jun 24

Stock Name: JETSON (9083)
Entry: Buy above RM0.290
Target: RM0.305 (5.2%), RM0.320 (10.3%)
Stop: RM0.280 (-3.4%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: CATCHA (0173)
Entry: Buy above RM0.405
Target: RM0.430 (6.2%), RM0.450 (11.1%)
Stop: RM0.390 (-3.7%)
Shariah: No
Technical: Monitor for breakout

Source: Bloomberg, M+

 

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